Belgian arm of Leen Bakker faces soaring losses, court orders sale of all 44 stores

Leen Bakker Belgium is selling all 44 of its stores after mounting financial losses, falling revenue, and intense competition forced a Belgian court to place the company under creditor protection, according to Belgian media. The Dutch furniture and home decor chain operates 30 stores in Flanders and 14 in Wallonia.

The company has been under creditor protection since August 14. Court-appointed liquidators now have until December 7 to find buyers for the stores, with the sale conducted under direct judicial supervision rather than through the company’s usual channels.

The closures put 309 employees at risk, including 274 full-time staff. Industry insiders say roughly two-thirds of the stores have operated at a loss for years, limiting their appeal to potential buyers.

Revenue for Leen Bakker Belgium fell from 67.6 million euros in 2023 to 58.6 million euros in 2024. Short-term liabilities now total 25 million euros, and equity stands at minus 5 million euros. The chain’s difficulties have been worsened by stiff competition from online retailers and Ikea.